Simple interest
Use the simple interest formula I = Prt to find interest earned, the total amount, or the principal needed. Unlimited questions, five difficulty levels, and a full worked solution every time, included free with weekly lessons.
Try one
Liam deposits $500.00 in an account that earns 8% simple interest per year. What is the total amount in the account after 3 years?
Answer: 620
See one solved, step by step
Tyler deposits $1500.00 in an account that earns 2.5% simple interest per year. What is the total amount in the account after 3 years?
📘 Worked solution
1I = P · r · t = 1500 · 0.025 · 3 = 112.5First find the interest earned using I = Prt.
2A = P + I = 1500 + 112.5 = 1612.5The total amount is the original principal plus the interest earned.
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